Ashcourt Rowan buys DFM for £2.1m

Ashcourt Rowan group chief executive Jonathan Polin

Ashcourt Rowan has agreed to buy the assets of discretionary fund management firm Generali Portfolio Management UK in a deal worth up to £2.1m.

The deal follows the decision by Generali Worldwide Insurance Company, a global insurer and financial services provider, to scale back its private client portfolio management in London and focus on international clients from its base in Guernsey.

Generali Portfolio Management has around £200m in assets under management and generates annual revenue of around £1.9m. Ashcourt Rowan will pay an initial sum of up to £1.1m in cash and up to £1m in stages in the two years after the deal has gone through.

The sale is expected to complete around the end of the year. The Generali team of seven employees, led by investment directors Alan Arscott and David Barber, will join Ashcourt Rowan.

Ashcourt Rowan group chief executive Jonathan Polin says: “We are pleased to welcome Alan and David, their clients and their colleagues in a move that will benefit everyone.

“We aim to be attractive for investment managers and financial planners seeking a supportive and forward-looking home for their clients and their business.”

Generali Portfolio Management chief executive officer Alan Arscott says: “We are confident we have found the right home for our clients.”